Tue. May 28th, 2024

Ghana, the world’s second-largest cocoa producer, plans to list cocoa on the Ghana Commodity Exchange (GCX) to boost the value of the product and drive up prices, an official has said.

Setutsi Ivowi, chief executive officer of the GCX, said during a one-day symposium Wednesday in the capital of Accra that cocoa, the country’s leading export cash crop, would be listed on the exchange to deepen the confidence of traders and stakeholders.

To facilitate the process, Ivowi said, the GCX has been holding discussions with the Ghana Cocoa Board, the regulator of the cocoa industry in Ghana, and the International Cocoa Organization (ICO) to support the initiative.

The discussions with the ICO also included supporting the continent to establish an African cocoa exchange or supporting African countries with commodity exchanges to trade cocoa, she said.

Ghana established the GCX in 2018 and has since traded agriculture commodities including maize, millet, rice, sorghum, sesame, and soybean on spot contracts.

By Joy

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